EV battery manufacturer Solid Power and Decarbonization Plus Acquisition III today announced a definitive agreement for a merger that would give the combined company a pro forma implied enterprise value of $1.2 billion. The announcement confirms reporting last week that a deal was imminent.
Solid Power counts Ford Motor Co. and BMW AG among its investors.
If the deal receives regulatory and shareholder approval, common stock and warrants are expected to trade on the Nasdaq under SLDP and SLDP WS.
Upon closing of the transaction and assuming no redemptions by DCRC public stockholders, Solid Power is expected to have approximately $600 million in cash, including a $165 million fully committed PIPE anchored by Koch Strategic Platforms, Riverstone Energy Limited, Neuberger Berman funds and Van Eck Associates. Read more.
